Yeosu City to Foster Promising Local SMEs as 'Star Companies'

Up to 90 Million Won Support for Prototype Production Over 3 Years

Yeosu City, Jeollanam-do (Mayor Jeong Gi-myeong) announced that it will recruit participating companies by the 20th to foster promising local small and medium-sized enterprises into star companies.

The selection scale is three companies, and the city will support the selected companies with programs worth up to 90 million KRW over three years to help them continuously grow as regional star (excellent) companies leading the revitalization of the local economy.

[Photo provided by Yeosu City]

The support programs include prototype production, process improvement consulting, and various marketing programs (including website establishment, certification, and intellectual property acquisition).

Eligibility requirements are that the business must be located in Yeosu City as of the announcement date, have been operating for more than three years, and have an average sales revenue of over 2 billion KRW in the past three years. Additionally, the company must meet at least one of the following conditions: ▲ R&D investment of 1% or more relative to sales ▲ possession of direct or indirect export sales relative to sales ▲ sales growth rate of 5% or more.

Companies wishing to apply must send their applications by mail to Jeonnam Technopark by the 20th and simultaneously register on the Jeonnam Technopark Data Platform. Detailed information can be found on the Yeosu City website under Open Administration - Notices.

The city plans to select the final star companies for this year through on-site evaluations and presentation assessments.

A city official stated, “Even if a company is not selected as a star company, it can receive support for other programs except prototype production and process improvement consulting through Yeosu City’s customized step-by-step enterprise support projects. We hope many local small and medium-sized enterprises show interest and apply.”